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Millennials: sit back, nurse your beer and drink up the savings. Gone are the days of beer-ponging, shot-gunning and keg-standing, according to a new survey by Heineken. Three out of four millennial drinkers say they limit how much they drink most of the time they go out and 38% say they moderate their alcohol intake every single time.

Young people weigh taste and quality more heavily than price and alcohol strength when selecting what to drink. Only 4% of respondents consider alcohol strength to be the most important factor. Based on a poll of 5,000 drinkers, aged 21 to 35, across the U.S., the U.K, the Netherlands, Brazil and Mexico, these figures dispute the widely-held notion that young people indiscriminately toss back drinks and suggests that an era of moderation is beginning.

These demands have largely played into the craft craze that has changed the face of the beer industry. Craft beer sales outpaced the overall industry by 17.1% in 2014. While craft breweries are still relatively small players in terms of total beer business, millennials are gravitating toward them, says Steinman. Lagunitas, Founders and Firestone Walker are some of the craft brands that have stayed hot. Of the big brewdogs,
Constellation Brands, which makes Corona and Modelo Especial, saw the largest growth in 2015, he says.

Heineken, which owns a 50% stake in Lagunitas Brewing, aims to cash in on this new attitude by pandering to the evolving palates of the under-35 (but of drinking-age) crowd. The company's new TV spot features women ending their nights out by taking the subway home and a man turning down a beer at the bar. The campaign touts the slogan "Moderate Drinkers Wanted."

"It's just trying to show good corporate citizenship," says Steinman. "Discouraging abuse would be good for business."

Good For You, Good For Your Wallet

Nearly 75% of the people surveyed believe moderating their drinking improves their quality of life. This movement away from binge drinking is not only good for millennials’ physical health, but their financial health as well.

“When you drink, you start letting your guard down and you’re more likely to spend more money on other things,” says Arielle O’Shea, personal finance and investing expert at NerdWallet. You’re more likely to grab a cab home over taking the subway, order late-night pizza or “sip-and-click,” a phenomenon of women shopping online under the influence of alcohol.

One dollar of every $100 spent by consumers goes toward alcohol, according to the Bureau of Labor Statistics. You can easily spend $200 or $300 on drinking a month and everything associated with it, says O’Shea.

If you were to invest that $200 in an IRA over 40 years with a reasonable 7% return, you’d rack up $500,000, she says. And if your employer matches that contribution, you’re looking at a million dollars you would have otherwise missed out on. “That could be enough to retire on,” says O’Shea.

You don’t need to stop drinking altogether to improve your financial health, but cutting back, as it seems many millennials are, could bolster your bank account. Reduce the amount you spend on alcohol by half and increase your contribution to your 401(k) by that much, suggests O’Shea.

But, does leaving fewer bottles un-popped guarantee you’ll spend less? Not necessarily. It all comes down to prioritizing.

For starters, millennials prefer good food and friends over excessive alcohol consumption, the report says. Good food doesn’t always come cheap. And those who choose to drink less, and drink slower, may be opting to imbibe higher-quality beverages, at a higher price.

However even if you buy more expensive drinks, staying clear and coherent during a night out still has a positive impact on your wallet. You’re less likely to incur medical expenses or legal fees if you end the night on a safe note.

“If going out and drinking with friends is important to you, you need to find other ways to cut expenses,” says O’Shea.

The movement away from binge drinking is not only good for millennials’ physical health, but their financial health too. (AP Photo/Morry Gash)

If you have a rewards card, buy your wine and beer at the grocery store. You’ll get more points than if you shop at a liquor store or convenience shop.

Bask in the beauty of the pregame. The price of alcoholic beverages at bars and restaurants jumped 46% over the last 12 years, compared to a price increase of 20% on alcohol purchased to consume at home, according to the Bureau of Labor Statistics. Have a few before you head out, provided you have a designated driver to get you to your destination.

Don’t reach for the top shelf. O’Shea says her husband recently attended a blind whiskey tasting and the crowd favorite was Jim
Beam. With many premium brands, you’re paying for the prestige and it doesn’t necessarily taste better, she says.

Ask the price. Even frugal people can lose their budgeting mindset when they order from a bar. Ask the price difference before upgrading from the house liquor.

Buy in bulk. Many liquor stores will give you a 10% discount if you buy 6 bottles of wine. Just because certain wines come out of a box, doesn't mean they lack quality.

Pay attention. Just like you do for other items, shop around for your alcohol. Take note of the pricing at different stores.

Sober Savings

Some millennials are even abstaining altogether this month in a U.K.-based effort called Dry January, and they’re seeing the savings roll in. Renee Psenka, a 23-year-old business analyst who is participating, estimates she’s saved nearly $150 so far and notices the biggest difference on her restaurant bills.

“Alcohol isn’t a huge thing for me, so I’ll see if I can cut that out and to be more fiscally conscious,” says Psenka. “After saving 10% and paying my fixed expenses, I definitely have more cushion for the things I care about like manicures and Korean skin treatments.”

While going cold turkey may not be the silver bullet to overspending on alcohol, it can help you be more moderate going forward.

“I’m not a big fan of the crash diet,” says O’Shea. “You have to have a little fun.”

Another way to pay attention to how much money you spend on drinking is with apps like Mint and Personal Capital, that break out just how much of your income is used to buy alcohol. Or try the old-fashioned way of pocketing your receipt at closing time. This also adds a layer of oversight to keep people from putting drinks on your tab or the bartender from over-tipping themselves.

Any way you pour it, millennials stand to win by exercising moderation when it comes to alcohol. I'll drink to that.